Effect of Returning to Historical Estimated Tax Payment Schedule

Feb 27, 2023 - State law requires taxpayers to pay income taxes as they earn income. Most taxpayers meet this requirement through income tax withholding that is taken out of their regular paycheck. Businesses and some individuals with significant capital gains or other nonwage income instead make quarterly estimated tax payments to meet this state requirement.
https://lao.ca.gov/Publications/Report/4722

The 2023-24 Budget: California's Film Tax Credit [Publication Details]

Feb 28, 2023 - The 2023-24 Budget: California's Film Tax Credit [Publication Details] Description: This brief surveys research on the economic effects of state film tax credits and analyzes the Governor's proposal to extend California's film tax credit for five years.
https://lao.ca.gov/Publications/Detail/4713

The 2023-24 Budget: Considering Inflation's Effects on State Programs [Publication Details]

Nov 16, 2022 - The 2023-24 Budget: Considering Inflation's Effects on State Programs [Publication Details] Description: This brief takes a case study approach to examine how elevated inflation has already impacted—and could continue to impact—state spending programs.
https://lao.ca.gov/Publications/Detail/4647

The 2019-20 Budget: Tax Conformity [Publication Details]

Mar 6, 2019 - Because the state’s income tax laws closely refer to large portions of federal law, many of those changes created new differences between federal and state taxes. State law currently does not adopt—or conform to—any of the federal changes made in 2017.
https://lao.ca.gov/Publications/Detail/3959

The 2019-20 Budget: Tax Conformity

Mar 6, 2019 - In 2018, most states that levy a state PIT took some legislative action to conform to the federal changes made in December 2017. While some states adopted most of the changes, other states updated their conformity dates in state law —for example, New York on a rolling basis and Virginia on a static basis —but decoupled from many of the major federal changes.
https://lao.ca.gov/Publications/Report/3959

The 2022-23 Budget: Fuel Tax Rates

Feb 11, 2022 - In addition to state excise tax revenues, the state receives federal fuel excise tax revenue for transportation. In recent years, the state typically has received roughly $4  billion per year for this purpose.
https://lao.ca.gov/Publications/Report/4528

The 2022-23 Budget: Supply Chain and Port Infrastructure Proposals

Feb 15, 2022 - …But State Role Is Unclear. As we noted in our overarching comments, it is reasonable for the state to have an interest in promoting goods movement given the importance of trade to the state ’s economy.
https://lao.ca.gov/Publications/Report/4540

The 2022-23 Budget: Governor’s Office of Business and Economic Development Proposals

Feb 11, 2022 - COVID ‑19 Significantly Impacted State Tourism and Visit California Revenue. Tourism is an important industry in the state that was impacted by the COVID ‑19 pandemic to a greater extent than many other sectors of the state ’s economy.
https://lao.ca.gov/Publications/Report/4529

The 2022-23 Budget: Federal Tax Conformity for Federal Business Assistance

Jan 26, 2022 - The Governor ’s budget proposes to exempt the RRF and SVOG grants from state taxation by conforming the state tax laws to federal law. The administration estimates that this change would reduce state tax revenues by about $500  million over several years.
https://lao.ca.gov/Publications/Report/4501

Annual Report on Tax Exemptions for Medicinal Cannabis

Jun 24, 2022 - The data come from the state ’s Metrc “track and trace” system for licensed cannabis. In particular, the data reflect transactions that businesses identified as medicinal donations in calendar year 2021.
https://lao.ca.gov/Publications/Report/4608